The UK government is reportedly preparing legislation for the staking, exchange and storage of stablecoins and cryptocurrencies.
“We are currently working at the following pace. submit a bill This is to implement the final proposal to our government,” the Economic Secretary said. Bim Afolamicomments made at the Innovate Finance Global Summit on Monday (April 15) were reported by CoinDesk.
“Once operational, all crypto asset activities, including exchange operations and custody of customer assets, will be within the scope of regulation for the first time,” he said.
This could happen by June or July, the report added.
The UK government announced its next plan in October. Introducing stablecoins backed by fiat currencies under the supervision of bank of england, Financial Conduct Authority and payment system regulator.
This is aimed at “minimizing the potential for harm to customers and mitigating conduct, prudential, and financial stability risks arising from these stablecoins, particularly when used for payments.” ” the government said in a statement.
The UK Treasury has published the following draft regulations. crypto sector Last February, it announced that digital asset companies would be subject to the same regulations as traditional financial companies. The government is seeking to balance the need to regulate the crypto sector while establishing the UK as a global hub for cryptocurrencies.
“Our strong approach to regulation allows us to harness the benefits of cryptography while mitigating its most significant risks,” the Treasury Department said in an announcement. “This will enable new and exciting sectors to safely thrive and grow, increasing jobs and investment.”
Meanwhile, a recent report from the Financial Action Task Force (FATF) showed that the crypto sector remains largely unregulated, with less than 30% of global jurisdictions regulating the industry. ing.
“You could say that crypto assets are like water. Basically, they end up flowing into less regulated jurisdictions,” FATF head T. Raja Kumar told CoinDesk last month. Ta. “Criminals and terrorists are very quick to find opportunities that lead to regulatory rulings. We just cannot tolerate this. Every part of the global chain needs to be strong. This is not a trivial issue.”
Last month, a report by the FBI's Internet Crime Complaint Center (IC3) was also released, showing that Americans will file more than 43,000 complaints about crypto fraud in 2023, increasing losses due to crypto-based scams and scams. was shown to have reached $3.9 billion. 53% increase Compared to the previous year.
